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A federal judge’s decision to vacate IRS restrictions on wind and solar tax credits and restore the “5% safe harbor” for eligible projects is welcome news for renewable energy developers and investors. However, taxpayers and their advisers shouldn’t rely solely on the safe harbor while its ultimate fate remains uncertain.
The Republican tax package signed into law July 4 is set to eliminate federal incentives for residential energy efficiency and home energy improvements for expenditures made after Dec. 31. Many homeowners are unaware these credits exist, let alone that they are ending. Tax advisers who work with home service providers such as window and door companies and solar installers would be wise to urge their clients to educate potential customers and help spread the word that these credits are short-lived.
Following up on our prior post (here), regarding the Paycheck Protection Program loans (“PPP Loans”), President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law (the “Flexibility Act”) on June 5, 2020. The Flexibility Act relaxes and modifies certain requirements to obtain PPP Loan forgiveness. Specifically, the Flexibility Act makes five main changes: Payroll Tax Deferral.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers a number of economic relief programs, including deferral of employers’ share of quarterly social security tax deposits and forgivable Payroll Protection Program (PPP) loans. The IRS recently released a set of frequently asked questions and answers regarding the CARES Act’s deferral of quarterly Social Security tax deposits.
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